Remitly Global, Inc. (RELY): Results of Operations and Financial Condition
Remitly Global, Inc. (RELY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Remitly Reports Record Second Quarter Results and Raises Full Year 2026 Outlook Quarterly Active Customers surpass 10 million Second quarter send volume up 27% and revenue up 20% year over year Second quarter net income of $205.9 million, inclusive of a $140.6 million discrete ta
How this was made
The 30-second read
Why it matters
The key tradable items are the reported Q2 operating metrics and the raised guidance ranges for 2026 revenue and profitability, which can reset consensus estimates and near-term valuation expectations.
Market read
Record quarterly active customers above 10 million and a large step-up in Adjusted EBITDA, paired with explicit 2026 and Q3 guidance ranges, create a clear catalyst for estimate revisions.
What to watch
The release emphasizes AI-driven efficiencies, but the filing excerpt does not quantify sustainability drivers; investors may scrutinize whether margins can hold as growth accelerates.
Remitly Reports Record Second Quarter Results and Raises Full Year 2026 Outlook
Revenue increased 20% year over year, send volume increased 27%, active customers increased 20%, and Adjusted EBITDA increased 79%. Net income was also elevated by a $140.6 million discrete tax benefit.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Active customersother | 10.2 million | – | up 20% |
| Send volumeother | $23.5 billion | – | up 27% |
| RevenueGAAP | $495.2 million | – | up 20% |
| Net incomeGAAP | $205.9 million | – | – |
| Discrete tax benefit from the U.S. valuation allowance releaseGAAP | $140.6 million | – | – |
| Adjusted EBITDAnon-GAAP | $114.7 million | – | up 79% |
fiscal year 2026 and third quarter of 2026 outlook
- RevenueFiscal year 2026: $1.978 billion to $1.988 billion, representing a growth rate of 21% to 22% year over year. Third quarter of 2026: $505 million to $507 million, representing a growth rate of 20% to 21% year over year.
- NoteFiscal year 2026: Year over year growth in net income, and Adjusted EBITDA in the range of $410 million to $415 million.
- NoteThird quarter of 2026: Year over year growth in net income, and Adjusted EBITDA in the range of $92 million to $94 million.
What drove it
- Active customers increased to 10.2 million, compared to 8.5 million, up 20%.
- Send volume increased to $23.5 billion, compared to $18.5 billion, up 27%.
- The company cited a trusted global network, a strategy that resonates with customers, rigorous cost discipline, and AI-driven operating efficiencies.
- The company stated that AI-driven operating efficiencies are creating additional capacity to invest in growth while improving margins.
Concerns
- Net income of $205.9 million was inclusive of a $140.6 million discrete tax benefit from the U.S. valuation allowance release.
- The filing states that forecasted Adjusted EBITDA cannot be quantitatively reconciled to forecasted GAAP net income (loss) or GAAP income (loss) before income taxes without unreasonable effort.
- The company identified risks related to customer acquisition and retention, profitability, strategic relationships, geopolitical and macroeconomic conditions, currency fluctuations, inflation, regulation, security, licensing, and international operations.
What to watch
- Third-quarter total revenue outlook of $505 million to $507 million.
- Third-quarter Adjusted EBITDA outlook of $92 million to $94 million.
- Fiscal-year total revenue outlook of $1.978 billion to $1.988 billion.
- Fiscal-year Adjusted EBITDA outlook of $410 million to $415 million.
- Whether active-customer and send-volume growth continue at the reported year-over-year rates.
- The contribution of the discrete tax benefit to reported GAAP net income.
Analysis
Remitly reported record second-quarter revenue of $495.2 million, up 20% year over year, alongside 27% growth in send volume to $23.5 billion. Quarterly active customers reached 10.2 million, up 20% from 8.5 million, marking the first time the company surpassed 10 million quarterly active customers. The higher send-volume growth rate relative to revenue growth is a central reported operating trend for the quarter.
Profitability improved materially on the company’s non-GAAP measure. Adjusted EBITDA was $114.7 million, compared with $64.0 million, up 79% year over year. Management attributed the results to its global network, customer-focused strategy, cost discipline, and AI-driven operating efficiencies, which it said are creating capacity for growth investment while improving margins.
GAAP net income was $205.9 million, but comparability is affected by a $140.6 million discrete tax benefit from the U.S. valuation allowance release. The filing does not provide prior-year net income, gross margin, operating income, EPS, or operating cash flow in the supplied text. Investors should therefore distinguish the reported net-income result from the operational profitability trend represented by Adjusted EBITDA.
Management raised its full-year 2026 outlook and now expects total revenue of $1.978 billion to $1.988 billion, representing 21% to 22% year-over-year growth, and Adjusted EBITDA of $410 million to $415 million. For the third quarter, the company expects total revenue of $505 million to $507 million, representing 20% to 21% year-over-year growth, and Adjusted EBITDA of $92 million to $94 million. The outlook maintains a growth profile near the reported second-quarter revenue rate while calling for continued Adjusted EBITDA generation.
The key issues for the next period are execution against the third-quarter revenue and Adjusted EBITDA ranges, continued active-customer and send-volume growth, and the degree to which AI-driven efficiency and cost discipline support profitability. The filing also highlights exposure to customer acquisition and retention, macroeconomic and currency conditions, regulatory developments, money-transmission licensing, security, and international operations.
Management, verbatim
We delivered another excellent quarter, achieving record revenue, Adjusted EBITDA, and net income, while surpassing 10 million quarterly active customers for the first time in our company's history, a direct reflection of the trust and confidence customers place in Remitly.
Sebastian Gunningham, Chief Executive Officer
Our results reflect the compounding advantages of a trusted global network, a strategy that resonates with customers, and rigorous cost discipline. AI-driven operating efficiencies are creating additional capacity to invest in growth while improving margins, giving us more confidence in the opportunities ahead.
Sebastian Gunningham, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons for active customers, send volume, revenue, net income, discrete tax benefit, and Adjusted EBITDA.
- Prior-year net income and year-over-year net-income change.
- GAAP gross profit, gross margin, operating expenses, operating income, income before taxes, earnings per share, and diluted share count.
- Non-GAAP operating expenses, transaction margin dollars, transaction margin, free cash flow, and their comparisons.
- Cash, debt, net cash, operating cash flow, investing cash flow, financing cash flow, capital expenditures, and balance-sheet figures.
- Share repurchases, dividends, and other capital-return figures.
- Revenue by reportable segment or product category.
- Fiscal-year and third-quarter gross-margin, operating-expense, and tax-rate guidance.
- Quantitative fiscal-year and third-quarter GAAP net-income guidance.
- Previous outlook figures needed to compare actual results with prior guidance.
- Complete financial statement tables and GAAP-to-non-GAAP reconciliations, which were not included in the supplied filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) containing Remitly’s Q2 2026 results and updated full-year and third-quarter 2026 outlook.
Ticker impact
Remitly reported Q2 results with revenue up 20% YoY to $495.2M, Adjusted EBITDA up 79% to $114.7M, and raised 2026 outlook.
Likely positive bias for the next session and into earnings-model updates, with follow-through dependent on whether guidance implies sustained margin durability.
The filing includes specific quarterly metrics (active customers, send volume, revenue, net income, Adjusted EBITDA) and explicit 2026 and Q3 guidance ranges, which are actionable inputs for trading and valuation.
Market effects
Supports the broader cross-border digital remittance narrative by showing scale gains (10.2M active customers) and margin expansion via operating efficiencies.
May influence sentiment toward US-listed fintech remittance peers exposed to similar corridors and customer acquisition dynamics.
Limited direct global macro linkage, but reinforces demand resilience for cross-border financial services.
Counterpoint
Net income includes a large discrete tax benefit, so traders may focus more on operating cash generation and recurring profitability than GAAP net income.
Key entities
- companyRemitly Global, Inc.
NASDAQ-listed remittance provider reporting Q2 2026 results and raising 2026 outlook in an 8-K.
- personSebastian Gunningham
CEO quoted on performance, customer growth, and AI-driven operating efficiencies.
